ERO vs FCX: Ero Copper and Freeport-McMoran Copper & Gold compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Freeport-McMoran Copper & Gold is the larger company, worth $99.4B, about 29.3 times Ero Copper.
- Ero Copper grew revenue faster over the last year (+67.1% vs -7.3%).
- Ero Copper keeps more of each dollar of revenue as operating profit (34.4% vs 26.8%).
- On earnings, Ero Copper is the cheaper stock (14.9x vs 36.6x).
- Freeport-McMoran Copper & Gold's price assumes faster free cash flow growth: about 25% a year, against 8% for Ero Copper (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ERO | FCX |
|---|---|---|
| Market cap | $3.4B | $99.4B |
| Share price | $37.61 | $73.69 |
| Revenue (last fiscal year) | $786M | $25.9B |
| Free cash flow (last fiscal year) | $132M | $1.1B |
| Revenue growth, last year | +67.1% | -7.3% |
| Revenue growth per year, last 5 fiscal years | +12.5% | +3.2% |
| Operating margin | 34.4% | 26.8% |
| Net margin | 33.6% | 11.4% |
| Return on equity | 28.2% | 14.7% |
| P/E (trailing) | 14.9x | 36.6x |
| Price / free cash flow | 37.2x | 89.1x |
| EV / EBITDA | 10.6x | 11.8x |
| FCF growth the price implies | 8.2% | 24.8% |
| Dividend yield | — | 0.83% |
| Debt / equity | 1.05x | 1.37x |
| Fundamental grade | B | C |
| Superinvestors holding it | 0 | 9 |
| Insider purchases, last 12 months | 0 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Ero Copper
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $490M | $195M | 55.6% |
| 2022 | $426M | -$139M | 30.4% |
| 2023 | $427M | -$284M | 22.3% |
| 2024 | $470M | -$184M | 23.2% |
| 2025 | $786M | $132M | 34.4% |
Freeport-McMoran Copper & Gold
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $22.8B | $5.6B | 36.6% |
| 2022 | $22.8B | $1.7B | 30.9% |
| 2023 | $22.9B | $455M | 27.2% |
| 2024 | $25.5B | $2.4B | 27.0% |
| 2025 | $25.9B | $1.1B | 25.2% |
Where the revenue comes from
Ero Copper · by segments, 2025
Caraíba (Brazil)$358M46%
Tucumã (Brazil)$261M33%
Xavantina (Brazil)$166M21%
Freeport-McMoran Copper & Gold · by segments, 2025
Grasberg Segment$8.6B33%
Rod & Refining$6.9B26%
Cerro Verde$4.7B18%
Atlantic Copper Smelting & Refining$3.2B12%
Morenci$2.6B10%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ERO in InvestinglyQuestions
Which is bigger, Ero Copper or Freeport-McMoran Copper & Gold?
Freeport-McMoran Copper & Gold (FCX), at $99.4B against $3.4B.
Is ERO or FCX cheaper?
By trailing P/E, Ero Copper (14.9x) is cheaper than Freeport-McMoran Copper & Gold (36.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, ERO or FCX?
Ero Copper: revenue grew +67.1% over the last year, against -7.3%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.